Overkill Ventures is a Nordic-based angel fund

Overkill Ventures

TechHub Riga is an accelerator supporting startups in Riga

TechHub Riga

Buildit is the first accelerator in the Baltic States and Nordic countries with the focus on physical devices & IoT

Buildit Accelerator

![aerial photo of city under cloudy sky](https://images.unsplash.com/photo-1522054541898-adc6abd570e5?ixlib=rb-4.0.3&ixid=M3wxMjA3fDB8MHxzZWFyY2h8Mnx8bGF0dmlhfGVufDB8fDB8fHww&w=1000&q=80)
 Latvia’s startup ecosystems have the potential to become part of the country’s core economic engine. With easy access to Europe, an abundance of skilled IT talent, a multilingual population, and affordable cost of living, the ingredients for a strong ecosystem are clearly present. What makes Latvia unique is that its startup scene didn’t emerge from top-down policy—it grew from a grassroots founder movement. It all began with a few entrepreneurs meeting informally, eventually leading to the creation of TechHub Riga. 

==read-more==

 The Latvian government has introduced policies to support the ecosystem. A key milestone was the Startup Law, enacted in 2017 thanks to the advocacy of the Latvian Startup Association, Startin.LV. With legal foundations now in place, the focus is shifting toward strengthening collaboration between the government and the startup community. To align these efforts with actual ecosystem needs, two coordination platforms have emerged: the Startup Ecosystem Memorandum (between ecosystem organizations, LIAA, and the Ministry of Economics) and the Riga City Memorandum of Cooperation, which gathers local startup stakeholders to co-develop support initiatives. 

 Continued public-private collaboration is essential for progress. For example, revised stock option policies introduced in 2020 are helping Latvia become more competitive in talent retention. Other initiatives include innovation vouchers from LIAA and the Startup Visa program, which aims to attract international entrepreneurs. Magnetic Latvia, also run by LIAA, serves as a one-stop shop for foreign founders. Further resource allocation will help the public sector deepen its impact. 

 Private sector organizations also play a key role. The Commercialization Reactor supports science-based startups and space tech ventures, while UniLab helps transform university research into startups—sometimes through international partnerships such as NATO DIANA. Events like TechChill and VC in Town further support knowledge sharing and visibility. 

 More venture capital investment is critical for scaling startups. Encouraging signs include the emergence of pre-seed and seed funds such as Buildit VC, BADIdeas Fund, and Outlast Ventures. The Latvian Private Equity and Venture Capital Association (LVCA) also plays a valuable role in strengthening VC across the Baltic region. 

 These combined efforts are producing results. Printful, a Latvian-founded print-on-demand platform, became the country’s first unicorn in 2021. Mintos, a major European investment platform for loans, also stands out as a leading success story. 

 Latvia has historically faced brain drain, especially in ICT. However, recent trends show signs of reversal as remigrants return and initiatives like Live Riga for Diaspora Relocation showcase the benefits of building a career in Latvia.

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Latvia

Eastern Europe

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